The global next-generation sequencing (NGS) market is undergoing a rapid transformation, driven by continuous technological innovation, increased demand for personalized medicine, and the expansion of clinical applications. According to Fortune Business Insights, the market is set to grow significantly in the coming years, with advancements in bioinformatics, data analytics, and sequencing platforms paving the way for a new era in genomics.

In 2024, the global next-generation sequencing (NGS) market was valued at USD 9.29 billion. It is projected to expand from USD 10.44 billion in 2025 to USD 27.55 billion by 2032, registering a compound annual growth rate (CAGR) of 14.9% over the forecast period.

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Top Companies in the Market

• Illumina Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• QIAGEN (Germany)
• PacBio (U.S.)
• Oxford Nanopore Technologies (U.K.)
• Perkin Elmer, Inc. (U.S.)
• BGI (China)

Key Industry Development

February 2024: Integrated DNA Technologies (IDT) announced a strategic collaboration with Element Biosciences, Inc. to streamline NGS workflows, aiming to simplify sequencing protocols and improve scalability across research and clinical environments.

Market Drivers & Restraints

Drivers of Market Growth:

Expanding Diagnostic Applications:

The global next-generation sequencing (NGS) market has seen strong growth due to the broad and growing use of NGS in diagnostic settings.

Lower Sequencing Costs:
Reduced costs of sequencing have made NGS more accessible for diagnosing a wide range of diseases.

Product Innovation:
Companies are launching various test kits and testing services aimed at applications such as:

Non-invasive prenatal testing (NIPT)

Genetic testing

Cancer screening

Supportive Regulatory Environment:
Increased product approvals and enhanced reimbursement coverage for diagnostic tests are further accelerating market adoption.

Key Market Restraint:

• High Data Storage Costs:
  The economic burden of storing vast amounts of genomic data presents a major challenge, particularly for research institutions and biopharmaceutical companies, and may hinder broader market expansion.

Market Report Coverage

The Fortune Business Insights report offers an extensive evaluation of the global NGS market, including:

• Comprehensive market sizing and forecast (2025–2032)
• In-depth segmentation analysis by technology, application, end-user, and region
• Key player profiles, recent developments, and competitive benchmarking
• Trends in regulatory approvals, collaborations, and product innovations
• Detailed insights on market dynamics, including drivers, challenges, and opportunities

Market Competitive Landscape

Key players in the market are actively working to expand their product portfolios and customer reach by introducing innovative new offerings. Additionally, they are engaging in strategic partnerships, collaborations, and acquisitions to strengthen and diversify their existing product lines.

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Market Segments

By Technology

• Sequencing by Synthesis (SBS): Dominated the market in 2024 due to its high accuracy and scalability, widely used in both research and clinical settings.
• Nanopore Sequencing
• Single-Molecule Real-Time (SMRT) Sequencing
• Ion Semiconductor Sequencing
• Others

By Application

• Oncology
• Infectious Diseases
• Reproductive Health
• Genetic and Rare Diseases
• Agrigenomics and Animal Research

By End User

• Academic and Research Institutes
• Hospitals and Clinics
• Pharmaceutical and Biotechnology Companies
• Contract Research Organizations (CROs)

Market Regional Insights

North America Maintains Market Leadership Through Innovation and Strategic Collaborations
In 2023, North America dominated the next-generation sequencing market with a revenue of USD 4.60 billion and is expected to retain its leading position throughout the forecast period. This continued dominance is largely driven by the frequent launch of innovative products and strong collaboration among key industry players.

Asia Pacific Sees Rapid Growth Backed by Government Support and Technological Advancements
The Asia Pacific region is experiencing significant market growth, fueled by robust government initiatives, rising demand for genetic sequencing and testing—particularly in China—and advancements in bioinformatics technologies used in genomic research. Additionally, increased investment in research and development for rare disease treatments, coupled with the integration of next-generation sequencing in companion diagnostics, is further accelerating the region’s market expansion

Future Market Scope

The future of the NGS market looks promising as the technology becomes more affordable and accessible. Key trends shaping the next phase include the integration of AI and machine learning in data analysis, portable sequencing platforms, and the rising use of NGS in non-invasive prenatal testing (NIPT), transplant genomics, and immunotherapy. Additionally, the democratization of sequencing in low- and middle-income countries is expected to unlock untapped potential.

NGS will also play a pivotal role in the development of personalized vaccines, pathogen surveillance, and real-time outbreak tracking—especially in light of recent global health challenges. As cloud-based bioinformatics platforms emerge, they will further ease the challenges related to data processing and storage.

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Conclusion

The next-generation sequencing market is entering a transformative era, driven by innovation, collaboration, and increasing applications across life sciences and clinical diagnostics. As new technologies emerge and barriers to adoption decline, NGS is set to become a foundational element of modern medicine and research. Stakeholders investing in scalable, accurate, and user-friendly sequencing solutions today are likely to lead the genomic revolution of tomorrow.

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